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July
Vietnam to mix doses of Pfizer, AstraZeneca COVID-19 vaccines
Written by Nur Yasmin
Vietnam will offer the coronavirus vaccine jointly developed by Pfizer (PFE.N) and BioNTech (22UAy.DE) as a second dose option for people first inoculated with the AstraZeneca (AZN.L) vaccine, the government said on Tuesday.
Vietnam's mass inoculation campaign is in its early stages, with less than 300,000 people fully vaccinated so far. It has so far used AstraZeneca's viral vector vaccine and last week took delivery of 97,000 doses of the Pfizer-BioNTech mRNA shot.
"Pfizer vaccines will be prioritized for people who were given first shot of AstraZeneca 8-12 weeks before," the government said in a statement.
Several countries, including Canada, Spain, and South Korea, have already approved such dose-mixing mainly due to concerns about rare and potentially fatal blood clots linked to the AstraZeneca vaccine.
A Spanish study found the Pfizer-AstraZeneca combination was highly safe and effective, according to preliminary results.
But the World Health Organization's chief scientist advised on Monday against mixing and matching COVID-19 vaccines, calling it a "dangerous trend" since there was little data available about the health impact.
Vietnam has been trying to expedite its vaccination campaign as the pace of infections grows, having hit daily records eight times this month. It reported 2,031 new infections on Tuesday, most of those in the epicentre Ho Chi Minh City.
Prior to May 2021, it had recorded less than 3,000 coronavirus cases in total. Its caseload is now 34,500, with 130 deaths.
Vietnam said on Tuesday it would soon receive 1.5 million doses of the AstraZeneca vaccine donated by Australia and an additional batch of one million doses of the vaccine from Japan this week. (Reuters)
July
Thailand backs vaccine plan amid unease over Sinovac-AstraZeneca mix
Written by Nur Yasmin
A virologist and advisor to Thailand's government on Tuesday endorsed a plan to mix doses of the coronavirus vaccines of AstraZeneca and Sinovac amid some public unease about the use of the largely untested strategy.
There has been no research released specifically about mixing the two types, but a growing number of countries are looking at mix-and-match approaches to better protect from highly transmissible variants, the latest, Thailand's neighbor, Vietnam.
At a health ministry news conference, Yong Poovorawan, a virology expert at Chulalongkorn University, said 1,200 people in Thailand had already received the Sinovac-AstraZeneca combination - in different orders - mainly due to allergic reactions to their first doses, requiring them to change vaccine.
"There were no severe side effects, which indicates that it is safe for real usage," Yong said.
Yong said a preliminary result from his study on 40 subjects showed a shot of the inactivated vaccine of China's Sinovac followed by one of the viral vector vaccine of AstraZeneca resulted in a similar buildup of antibodies to recipients of two doses of the AstraZeneca shot.
Thailand announced on Monday that the combination would be adopted.
But some critics called that risky.
"Thai people are not test subjects," said Rewat Wisutwet, a doctor and lawmaker from the Seri Ruam Thai Party.
In Nonthaburi, a province bordering Bangkok, an offer on Facebook by health authorities for 20,000 people to receive the Sinovac-AstraZeneca mix drew close to 700 mostly critical comments.
"I am not a lab mouse," said one post, while another said, "This is like playing with peoples' lives."
Another wrote: "If the first dose is Sinovac, then please cancel it."
Sinovac did not respond to a request for comment on the Thai plan on Monday and AstraZeneca said vaccine policy was for each country to decide.
Thailand is suffering its worst coronavirus outbreak yet and authorities on Tuesday approved the use of home rapid antigen self-test kits, as its capital's healthcare and testing facilities come under strain.
It has also given the go-ahead for home or community isolation for asymptomatic or mildly symptomatic cases.
Thailand recorded 8,685 infections and 56 deaths on Tuesday, among the 353,712 cases and 2,847 fatalities overall, most of those recorded in the past three months. (Reuters)
July
Philippines to probe report of Chinese sewage-dumping at sea
Written by Nur Yasmin
The Philippines' defense minister on Tuesday ordered the military to investigate a report by a U.S.-based tech firm that hundreds of Chinese vessels were dumping sewage into contested areas of the South China Sea.
China maintains a constant presence of coastguard and fishing boats in the South China Sea to assert its claim of sovereignty, including hundreds in the Spratly islands, where the Philippines, Brunei, Taiwan, Vietnam, and Malaysia also have claims.
Simularity, an AI-based satellite image analysis firm, on Monday, made public satellite images over a five-year period that it said showed damage caused by untreated human waste from Chinese vessels.
"While we are confirming and verifying these wastes being dumped ... we consider such irresponsible acts, if true, to be gravely detrimental to the marine ecology in the area," Philippine Defence Secretary Delfin Lorenzana said in a statement.
"Despite conflicting claims and interests by states in the South China Sea, all nations must be responsible stewards of our natural resources and environment."
At a forum on Monday, Liz Derr, Simularity co-founder, and CEO said the waste could threaten fish stocks.
"It is so intense you can see it from space," Derr said.
The Chinese embassy in Manila did not immediately respond when asked by the media for comment on Simularity's report.
The Philippines has become more vocal in recent months over the presence of hundreds of vessels it believes are Chinese maritime militias. (Reuters)
July
OPEC+ impasse means tight oil market now, volatility ahead, says IEA
Written by Nur Yasmin
The oil market will see tighter supply for now amid a dispute inside OPEC+ about how to ease production curbs but it still faces the risk of a dash for market share if disagreement persists, the International Energy Agency (IEA) said on Tuesday.
The Paris-based agency said oil prices would be volatile until differences were resolved among members of OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia, and other oil producers.
"The OPEC+ stalemate means that until a compromise can be reached, production quotas will remain at July's levels. In that case, oil markets will tighten significantly as demand rebounds from last year's COVID-induced plunge," an IEA report said.
OPEC+ has been slowly unwinding record output curbs agreed on last year to cope with the pandemic. But a dispute over policy between Saudi Arabia and the United Arab Emirates this month meant plans to pump more oil by the end of 2021 were put on hold.
If differences persist, analysts say the group could even abandon their pact, prompting them to open the taps in a race for market share, adding uncertainty to a market that has seen prices surge to 2-1/2 year highs and slide back again.
"The possibility of a market share battle, even if remote, is hanging over markets, as is the potential for high fuel prices to stoke inflation and damage a fragile economic recovery," the IEA said in its monthly report.
"Oil markets are likely to remain volatile until there is clarity on OPEC+ production policy. And volatility does not help ensure orderly and secure energy transitions – nor is it in the interest of either producers or consumers," the IEA said.
The IEA said in a report in May that investors should not fund new oil, gas, or coal projects if the world wanted to reach net-zero emissions by mid-century. read more
Rising coronavirus cases in some countries remained a key economic downside risk, the IEA said, although oil storage levels in most developed countries had fallen below historical averages and the current economic recovery meant this autumn was set to see the biggest draw on stocks in at least a decade.
It said refineries were working hard to meet demand pent up by lockdown restrictions as "drivers frustrated by confinement and travel restrictions take to the road en masse". (Reuters)
July
Olympics Tokyo Governor Vows City's Medical System Is Ready For Games
Written by Nur Yasmin
Tokyo Governor Yuriko Koike said on Tuesday that a sufficient number of hospitals combined with a speed-up in the COVID-19 vaccination rollout among the elderly meant the city will be able to hold "safe and secure" Olympics in 10 days.
But Koike, speaking to Reuters in an interview at the Tokyo government headquarters that has for the last few weeks doubled as a vaccination site, also warned the coronavirus pandemic was far from over and the spreading Delta variant remained a risk.
"Very many people will be vaccinated in the coming 10 days and during the Olympics. The biggest change as a result of that will be a substantive fall in the ratio of deaths and severe cases among the elderly," Koike said.
"Because of that, and because the medical system is ready, I think we can press ahead with a safe Olympics," said Koike, who has returned to work after a brief break due to fatigue during which she was admitted to hospital.
Japan's vaccination rollout got off to a slow start and has faced supply glitches after speeding up. Only about 28% of the population has received at least one shot of a COVID-19 vaccine.
The Japanese capital entered its fourth state of emergency on Monday causing bars and restaurants to close early, amid a rebound in COVID-19 cases that also pushed the Games organizers last week to ban spectators from nearly all venues.
Spectators from abroad were already banned months ago, and officials are now asking residents to watch the Games on TV to keep the movement of people to a minimum.
U.S. First Lady Jill Biden will travel to Tokyo for the opening ceremony on July 23, the White House said in an announcement on Tuesday that did not include her husband, President Joe Biden.
"It's very sad that the Games are being held without spectators," said Koike. "It's clear we'll be able to lower the risks, but the spectators are also very important for the athletes and give them a big boost. It's a big shame that we have to hold the Olympics without them."
STRAIGHT-TALKING APPROACH
Koike, 68, often floated as a potential prime minister, was re-elected governor in a landslide last year, winning public support for her straight-talking approach to the pandemic in contrast with a sluggish nationwide vaccination rollout.
The Citizens First party, linked to Koike, performed strongly in this month's local assembly elections, leading to speculation - so far rejected by Koike - that she may make a comeback to national politics.
On Tuesday, she did not directly address questions on the matter.
International Olympic Committee (IOC) President Thomas Bach, who is in Japan ahead of the Games, will meet Japanese Prime Minister Yoshihide Suga on Wednesday, news agency Jiji reported.
Bach also plans to visit the city of Hiroshima on Friday, Hiroshima prefecture said in a statement. Hiroshima, in western Japan, was the first city to suffer an atomic bombing at the end of World War Two.
Tokyo 2020 organizers also contacted Nagasaki prefecture earlier on Tuesday to inform them that senior IOC official John Coates would be visiting Nagasaki on Friday, a prefecture official said.
Nagasaki, on the island of Kyushu, was the second and last city to suffer an atomic bombing.
Bach would also visit the cities of Fukushima and Sapporo, Japan's Kyodo News agency said.
The Games, postponed from last year because of the pandemic, run from July 23 to Aug. 8, while the state of emergency - the capital's fourth - lasts until Aug. 22, shortly before the Paralympics begin. (Reuters)
July
Jacinda Ardern to chair APEC Informal Leaders' Retreat on COVID-19
Written by Nur Yasmin
Prime Minister of New Zealand Jacinda Ardern will chair a meeting of APEC Leaders on July 16 focused on the COVID-19 pandemic and its economic effects.
"This is the first time in APEC’s history that leaders have held an extraordinary meeting at the leaders’ level, and it reflects our desire to navigate together out of the COVID-19 pandemic and economic crisis," Prime Minister Ardern stated as noted in a press statement issued by the APEC Economic Leaders' Meeting Chair and received here on Tuesday.
Ardern pointed to the biggest contractions experienced over the past year by APEC economies since the Second World War, with 81 million jobs lost. Hence, the New Zealand PM emphasized that responding collectively is paramount to expediting economic recovery in the region.
"Our region has already responded in significant ways, including by removing barriers to the efficient distribution of vaccines and related goods, but there is still a lot of work to do to get through the crisis," she affirmed.
"Leaders will share information, so we can continue to build on our collective understanding of the region’s health response to COVID-19 and shape a collaborative economic response," the prime minister noted.
Leading a regional response to the pandemic is one of New Zealand’s highest priorities as the APEC chair. It has been the emphasis of recent meetings of finance, structural reform, and trade ministers, with all economies focused on international cooperation in responding to COVID-19 and laying down the foundations for recovery.
Prime Minister Ardern expounded that containing COVID-19 through rapid, safe, and effective vaccination; micro and macroeconomic policy settings to sustain businesses and workers; and building more resilient, inclusive, and sustainable economies will all be on the agenda.
"I will be inviting discussion on immediate measures to achieve more coordinated regional action to assist recovery as well as steps that will support inclusive and sustainable growth over the long term," Ardern revealed.
"APEC leaders will work together to get through the pandemic and promote sustainable and inclusive recovery because nobody is safe until everyone is safe," she stated.
Since the start of the pandemic, APEC has been responding collectively with a plethora of policy tools that address different pain points of the health and economic crisis.
These initiatives encompass vaccines and essential goods and services, structural reform, as well as the resumption of safe and seamless cross-border travel.
APEC Secretariat’s Executive Director, Rebecca Sta Maria, emphasized that the pandemic provides further opportunities for greater cooperation among APEC members to ensure every economy recovers sustainably and inclusively from the crisis.
"Under the leadership of New Zealand, as the host of APEC 2021, we are witnessing the urgency from member economies to join, work, and eventually grow together," Sta Maria stated.
"The top priority remains clear and that is to manage COVID-19 effectively and build back better," she asserted.
"The upcoming APEC Informal Leaders’ Retreat is the first one in the forum’s history, and it is necessary for pushing forward our collective effort toward the region’s recovery," Sta Maria concluded. (Antaranews)
July
BioNTech COVID-19 vaccines coming to Taiwan, Chinese agent says
Written by Nur Yasmin
The Chinese sales agent for Germany's BioNTech SE (22UAy.DE) said on Sunday it had signed a deal to provide 10 million COVID-19 vaccine doses to Taiwan, part of a drawn-out and highly politicised process for the island to access the shots.
Taiwan's government has tried for months to buy the vaccine directly from BioNTech and has blamed China, which claims the self-ruled island as its own territory, for nixing an agreement the two sides were due to sign earlier this year. China denies the accusations.
Last month, facing public pressure about the slow pace of Taiwan's inoculation programme, the government agreed to allow Terry Gou, the billionaire founder of Taiwan's Foxconn (2317.TW), as well as Taiwan Semiconductor Manufacturing Co (TSMC), to negotiate on its behalf for the vaccines, which would be donated to Taiwan's government for distribution.
Shanghai Fosun Pharmaceutical Group Co Ltd (600196.SS), which has a contract with BioNTech to sell the COVID-19 vaccines in China, Hong Kong, Macau and Taiwan, said in a statement that the shots would be sold to TSMC and Gou's charity foundation via Fosun's Hong Kong subsidiary and a Taiwanese medical firm.
"We are very pleased to see that this vaccine jointly developed by Fosun Pharmaceutical and BioNTech can play a positive role in the prevention and control of the epidemic in Taiwan," Fosun Chairman Wu Yifang said in the statement.
Fosun quoted BioNTech Chief Executive Ugur Sahin as saying the company was "very grateful to be able to also supply the Taiwanese people with vaccine doses manufactured in Europe".
VACCINE DRAMA
However, both TSMC and Foxconn referred Reuters to their statements earlier on Sunday in which they said they were still in the middle of the contract signing process.
The Fosun statement referred to the "Taiwan region", terminology favoured by the Chinese government to assert its sovereignty claims rather than imply the island is a separate country.
There was no immediate response from Taiwan's government.
BioNTech, which developed the vaccine jointly with Pfizer (PFE.N), also did not immediately respond to a request for comment.
TSMC and Foxconn are major Apple Inc (AAPL.O) suppliers.
Gou and TSMC this month reached an initial agreement with a Fosun subsidiary for the vaccines, sources told Reuters previously. read more
The BioNTech vaccine drama has transfixed Taiwan and dominated headlines. A major Taiwanese Buddhist group, the Tzu Chi Foundation, is also trying to buy the shots. read more
China's government has repeatedly said that if Taiwan wants the vaccine, it has to respect commercial rules and do it through Fosun.
Germany's government has also been involved, saying it has been helping in the direct talks between Taiwan and BioNTech.
Taiwan has millions of vaccines on order, mainly from AstraZeneca Plc (AZN.L) and Moderna Inc (MRNA.O), while the United States and Japan have together donated almost five million doses to the island to help speed up vaccinations.
Around one-tenth of Taiwan's 23.5 million people have received at least one of the two-shot regimen, though Taiwan's own relatively small domestic coronavirus outbreak is now largely under control. (Reuters)
July
COVID Delta upsurge keeps stock and commodity bulls in check
Written by Nur Yasmin
An upsurge in new infections caused by the Delta coronavirus variant capped equity and commodity price gains on Monday, with Wall Street tipped to open lower and bond yields holding just above multi-week lows.
Markets are also jittery at the start of an eventful week that will see the U.S. second-quarter earnings season kick off, the release of inflation data in several countries, and testimony by Federal Reserve Chair Jerome Powell which will be scrutinised for any talk of tapering. read more
MSCI's all-country equity index (.MIWD00000PUS) closed last week in the red but rose 0.2% on Monday, lifted by hefty gains across Asia where markets tracked Friday's record close on U.S. stocks. Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.7% while Japan's Nikkei (.N225) bounced 2.2%.
Chinese blue chips (.CSI300) rose 1.1%.
But worries over the outlook were highlighted by warning from the finance ministers of the world's 20 largest economies that recent improvements in the global economy could be derailed by fast-spreading COVID-19 variants such as Delta read more .
A Reuters tally of new COVID-19 infections shows them rising in 69 countries, with the daily rate at 478,000.
The variant is responsible for record rises in infections in Australia where another lockdown looks imminent. South Korea has put its capital Seoul under the toughest anti-COVID curbs so far while cases continue to rise across Asia and Europe.
"There is a bit of a global coordination problem with different countries vaccinating at a different pace. The question is how well vaccinated you are and vaccinations are pretty low across much of Asia," said Colin Asher, senior economist at Mizuho in London.
Asher said however that for Western markets, with better vaccination rates, monetary policy would be the main focus.
U.S. inflation data due Tuesday will be particularly watched after the recent bond rally which sent U.S. 10-year Treasury yields 15 basis points lower at one point.
While markets have since stabilised, yields are not far off 4-1/2 month lows at 1.35%, pressured at least partly by investors' rethinking bullish sentiment.
Futures for the U.S. Nasdaq , Dow Jones and S&P 500 were a fraction lower while a pan-European equity index slipped 0.2% (.STOXX)
Commodity prices too were subdued, with Brent crude futures slipping half a percent . London-traded copper, nickel and aluminium also fell, though China's Friday move to ease policy supported Shanghai metal futures .
China's decision to cut banks reserve requirements appeared to reflect policymakers' view that the economy was losing momentum. The cut will release the equivalent of $154 billion into the economy .
EARNINGS WEEK
Investors are eager to assess whether the earnings season will support Wall Street's run higher, with the S&P 500 .SPX up roughly 16% for the year so far, underpinned by the expected earnings surge.
Expectations for a 65% rise from the same 2020 quarter, according to Refinitiv. JPMorgan (JPM.N), Goldman Sachs (GS.N), Bank of America (BAC.N) and other big banks kick off results from Tuesday .
On currency markets, the U.S. dollar inched higher against a basket of currencies at 92.17 while the yen, which firmed last week to a three-week high against the greenback, eased 0.14% .
The euro firmed to $1.188 from last week's low at $1.1780. It did not react to comments by European Central Bank President Christine Lagarde that the bank will change its guidance on policy at its next meeting and show it is serious about reviving inflation. (Reuters)
July
Thailand to combine Sinovac, AstraZeneca vaccine doses to boost protection - minister
Written by Nur Yasmin
Thailand's mass immunisation strategy against the coronavirus will now include administering a shot of AstraZeneca's (AZN.L) viral vector vaccine after one dose of Sinovac's (SVA.O) vaccine, its health minister said on Monday,
The move aims to increase protection against highly transmissible variants, Anutin Charnvirakul told reporters. (Reuters)
July
New Zealand's Ardern to chair special leaders' meeting on pandemic
Written by Nur Yasmin
New Zealand's Prime Minister Jacinda Ardern will chair an informal meeting of leaders from countries in the Asia-Pacific trade group APEC this week to focus on the COVID-19 pandemic and its economic effects, APEC host New Zealand said Monday.
It will be the first time that APEC leaders have held an additional meeting before their formal gathering, due in November, and reflects the desire to address the impact of the pandemic, Ardern said in a statement.
"APEC economies have suffered their biggest contraction since the Second World War over the past year, with 81 million jobs lost. Responding collectively is vital to accelerate the economic recovery for the region," Ardern said.
"I will be inviting discussion on immediate measures to achieve more coordinated regional action to assist recovery, as well as steps that will support inclusive and sustainable growth over the long term," she said.
The meeting will be held virtually on July 16.
There have been over 50 million cases of COVID-19 within APEC's borders, with over one million deaths. APEC-wide GDP contracted by 1.9 percent in 2020.
The 21-economy group, which includes the United States, China and Japan, agreed in June to review trade barriers and expedite the cross-border transit of COVID-19 vaccines and related goods, but stopped short of a broad commitment to remove tariffs. read more
New Zealand has said leading a regional response to the pandemic is its highest priority as APEC Chair. (Reuters)